President Donald Trump has chosen Larry Kudlow to be his top economic aide, elevating the influence of a longtime fixture on the CNBC business news network who previously served in the Reagan administration and has emerged as a leading evangelist for tax cuts and a smaller government.

The once-dominant company decided to close or sell its remaining stores after its executives met with creditors Wednesday, according to three people briefed on the discussions. More than 30,000 American jobs are at risk as a result.